This Quitclaim Deed from Individual to Individual form is a Quitclaim Deed where the Grantor is an individual and the Grantee is an individual. Grantor conveys and quitclaims the described property to Grantee less and except all oil, gas and minerals, on and under the property owned by Grantor, if any, which are reserved by Grantor. This deed complies with all state statutory laws.
Missouri Quitclaim Deed from Individual to Individual
Category:
State:
Missouri
Control #:
MO-02-77
Format:
Word;
Rich Text
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Description
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Key Concepts & Definitions
Quitclaim Deed from Individual to Individual: A legal instrument used to transfer an individuals interest in a property to another individual without any warranties of title. Real Property Investment: The process of purchasing real estate with the intent of generating revenue through rental income or resale. Mortgage Refinance Rates: The interest rates at which a homeowner can refinance their existing mortgage to lower payments or change terms.
Step-by-Step Guide to Using a Quitclaim Deed for Property Transfer
- Prepare the Quitclaim Deed Form: Obtain the correct form, which can usually be sourced from local government websites or office supply stores.
- Contact a Notary Public: Since the deed requires notarization, locate a notary public to witness the signing.
- Fill Out the Deed Form: Complete the form with details like the grantor's name, grantee's name, and property description.
- Verify Property Tax Details: Ensure all property taxes are up-to-date to avoid issues in the transfer process.
- File the Deed Form: Submit the completed and notarized form to the local county recorders office.
Risk Analysis of Quitclaim Deeds
- No Warranty: Quitclaim deeds do not guarantee clear title; the buyer receives only the interests the seller legally owns.
- Financial Liability: Any existing debts or liens on the property could transfer to the buyer, potentially causing financial strain.
Pros & Cons of Quitclaim Deeds
Pros:- Simple and cost-effective way to transfer property.
- Fast process compared to other types of deeds.
- Lack of protection against liens and other encumbrances.
- Potential complications in the quitclaim deed process if not properly filed.
Common Mistakes & How to Avoid Them
- Not Verifying Debt and Lien Status: Engage a title company to perform a title search on the property prior to transfer.
- Incorrectly Filling Out the Deed Form: Double-check all entered information for accuracy and completeness. Consider hiring a legal professional for assistance.
Best Practices
- Always perform a comprehensive title search before accepting a quitclaim deed.
- Use the services of a qualified attorney to review all documents and terms associated with the deed.
- Keep detailed records of all transactions and communications for future reference.
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FAQ
The title of the document. The date of the transfer. All grantors' names. Any grantees' names. Statutory addresses. A legal description for the property. References to the page numbers of the reference books, if applicable.
But you might be wondering if an owner can transfer a deed to another person without a real estate lawyer. The answer is yes. Parties to a transaction are always free to prepare their own deeds.A quitclaim deed, for example, is far simpler than a warranty deed.
A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.
Fill out the quit claim deed form, which can be obtained online, or write your own using the form as a guide. The person giving up the interest in the property is the grantor, and the person receiving the interest is the grantee.
The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.
Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners get divorced and one spouse's name is removed from the title or deed.
Once you sign a quitclaim deed and it has been filed and recorded with the County Clerks Office, the title has been officially transferred and cannot be easily reversed. In order to reverse this type of transfer, it would require your spouse to cooperate and assist in adding your name back to the title.
The only way to forcibly change the ownership status is through a legal action and the resultant court order. However, if an owner chooses to be removed from the deed, it is simply a matter of preparing a new deed transferring that owner's interest in the property.
Yes, you can use a Quitclaim Deed to transfer a gift of property to someone. You must still include consideration when filing your Quitclaim Deed with the County Recorder's Office to show that title has been transferred, so you would use $10.00 as the consideration for the property.